Curable physical deterioration is commonly known as what?

Curable physical deterioration refers to the decrease in a property's value due to physical issues that can be repaired or remedied through maintenance or improvements. The term "deferred maintenance" specifically describes the practice of postponing necessary repairs or maintenance that can lead to further deterioration if not addressed promptly.

When an owner defers maintenance, they are effectively allowing minor issues to accumulate, which may later require more extensive and costly repairs. This is commonly seen in properties where routine upkeep has been ignored, leading to curable deterioration that can significantly impact the property's value. Addressing these maintenance issues is crucial as it can restore the property and improve its marketability and overall condition.

Understanding this concept is essential for appraisers as it helps them evaluate and determine the physical condition of a property and the costs associated with bringing it back to a satisfactory level. Thus, "deferred maintenance" accurately captures the essence of curable physical deterioration better than the other options listed.